Читать книгу Alternative Investments - Black Keith H. - Страница 70

Investors worldwide, from pensions, endowments, and foundations to individual investors, have become attracted to the endowment model, seeking to emulate the returns earned by the largest endowments over the past 20 years. However, evidence shows that not all aggressive allocations toward alternative investments necessarily earn similar returns. This may be due to key advantages particular to large endowments. The literature discusses at least six such advantages that may explain the excellent returns earned by large endowments in recent years:

1. An aggressive asset allocation

2. Effective investment manager research

3. First-mover advantage

4. Access to a network of talented alumni

5. Acceptance of liquidity risk

6. Sophisticated investment staff and board oversight

Investors lacking these advantages may find it difficult to earn top returns, even when following the endowment model.